Hut 8 Target of Unusually Large Options Trading (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the recipient of some unusual options trading on Monday. Stock investors acquired 27,514 call options on the company. This represents an increase of approximately 86% compared to the average daily volume of 14,807 call options.

Hut 8 Stock Up 10.4 %

NASDAQ:HUT traded up $2.51 during mid-day trading on Monday, hitting $26.67. 7,624,314 shares of the stock traded hands, compared to its average volume of 5,679,525. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95. The firm's 50 day moving average is $23.82 and its two-hundred day moving average is $17.01.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hut 8 in the third quarter worth $9,997,000. Paloma Partners Management Co bought a new position in shares of Hut 8 in the third quarter worth about $834,000. State Street Corp increased its stake in Hut 8 by 12.6% in the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company's stock worth $33,602,000 after buying an additional 307,292 shares during the period. MetLife Investment Management LLC lifted its holdings in Hut 8 by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 46,719 shares of the company's stock valued at $573,000 after buying an additional 26,324 shares in the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in Hut 8 in the 2nd quarter valued at about $17,388,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on HUT. Craig Hallum upped their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Benchmark boosted their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Canaccord Genuity Group increased their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Needham & Company LLC boosted their target price on shares of Hut 8 from $32.00 to $38.00 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus upped their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a "speculative buy" rating in a research report on Wednesday, October 30th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $31.88.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.